EDITOR'S NOTE

Wall Street on Friday capped off a brutal week for stocks, with the Dow Jones Industrial Average hitting  a fresh low for 2022 and closing below 30,000 for the first time since June 17.

The Dow fell at one point more than 826 points and flirted with bear market territory on an intraday basis. The slide in stocks came as bond yields surged to unprecedented levels, with the yield on the 2-year topping 4.2%.

Friday’s broad-based sell-off indicated that recession fears are top of mind for investors as the Federal Reserve has made it clear that it’s main priority is fighting inflation and it will continue hiking even if it tips the economy into a recession.

The hawkish messaging from the central bank and the likelihood of sizeable hikes ahead fueled the panic in equities and bonds on Friday, said KKM Financial's Jeff Kilburg.

“A lot of investors — including myself — have been caught off guard,” Kilburg said. “We really thought the Fed was going to be more measured, more prudent, and continue to err on the side of being accommodative.”

TOP NEWS 

TOP VIDEO

CNBC PRO

SPECIAL REPORTS